November 7, 2017

The National Economic and Development Authority (NEDA) leads the country in celebrating the annual Economic and Financial Literacy Week (EFLW) from November 6 to 10, recognizing the importance of economic and financial education in a growing economy.

With this year’s theme “O Kita Mo Na: ‘Pag May Alam sa Ekonomiya at Pinansya, Malaki ang Ganansya,” NEDA has lined up weeklong activities and information campaigns with the aim of developing national consciousness on economic and financial literacy.

It will sponsor a plenary and breakout session during the conduct of the Philippine Economic Society (PES) 55th Annual Meeting and Conference on November 8.

NEDA’s regional offices will also lead symposiums on basic economic and financial concepts in 15 selected state universities and colleges. The government’s socioeconomic planning agency aims for the participation of the youth and workers in the informal sector in these regional fora.

The topics to be tackled include basic and key economic and financial concepts like supply and demand, gross domestic product, inflation, interest rate, return on investment, among others.

“Our government puts a premium on economic and financial literacy among Filipinos. We want more people to learn how the economy works and how they could manage their personal finances,” Socioeconomic Planning Secretary Ernesto M. Pernia said.

NEDA is mandated through Republic Act No. 10922, or “An Act Declaring the Second Week of November Every Year as Economic and Financial Literacy Week,” which lapsed into law on July 22, 2016, to convene key partners and lead in the nationwide EFLW celebration.

The law also directs other agencies such as the Bangko Sentral ng Pilipinas (BSP), Department of Finance (DOF), Department of Education (DepEd), Commission on Higher Education (CHED), National Youth Commission (NYC), Philippine Information Agency (PIA), Presidential Communication Development and Strategic Planning Office (PCDSPO), Philippine Economic Society (PES) and the Department of Interior and Local Government (DILG) to hold activities in line with the celebration of the EFLW.

“We need more financially literate Filipinos who can make sound and well-informed decisions. This is crucial for us to meet our long-term vision of becoming a modern and advanced nation,” Pernia said.

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